Ramtin's business operates in a perfect competition market. The current market price is $15. If Ramtin moves to raise his price to $20, what will happen to his business?

a) His revenue will crash down to zero since customers no longer want to buy from him.

b) His revenue will increase because a higher price means he earns more sales revenue per unit sold

c) His revenue may increase or decrease depending on whether the demand for his product is elastic or inelastic.

d) None of the above